We propose that the Serum deploy on Aptos as well. Aptos is a new layer one, the continuation of Facebook’s Diem project built by a strong ex Facebook core team with fundraising lead by Jump & FTX. Aptos has similar performance guarantees as Solana promising greater reliability, making it a serious contender to Solana. We propose that Serum port over to Aptos retaining the same name, governance token, and similar tokenomics.
We refer to the Aptos Serum Orderbook as Project Swordfish.
Serum on Solana successfully incentivizes deep liquidity because the right parties are incentivized to participate, namely major market makers. Serum token holders should be Serum maxis first and act in the best interest of the Serum DAO. It is in the best interest for Serum to expand for the following reasons:
Growth: Aptos is privately valued 2-6 billion privately with Jump and FTX jointly leading their funding round. It shows signs of Solana-level transaction speed with potentially better reliability. Should this vision be realized, this represents a large market that could significantly increase the Serum token price
Hedge: Should another orderbook become the leading provider on Aptos, they will cut into Serum’s volume. Should Aptos succeed in supplanting Solana, the Aptos based competitor will be the leading order book of DeFi, destroying Serum value. We can prevent this risk by expanding to make Aptos growth beneficial rather than parasitic to Serum
Utility: Projects built on Swordfish will use Serum token natively increasing Serum token’s utility and use case, bolstering its price.
Optionality: Should Aptos fail to realize its potential, the Serum community can redouble focus on Solana growth. We believe this proposal has a low upfront fixed costs but a high potential upside, making it the correct path forward.
The below grant and tokenomics are our suggestions. We would like the community to suggest alternatives.
We suggest that Swordfish be granted 3 million USD worth of SRM tokens, 50% percentage of this should be used for liquidity mining, and 50% percentage of which should be used as seed funding for the development team.
Swordfish would retain Serum’s existing tokenomics with one modification; we propose that 20% of Swordfish Orderbook fees be retained by the Swordfish DAO in order to fund liquidity mining operations and ecosystem growth.
Swordfish will have no other outside investors, we believe this fee structure makes sense to deliver a quality product and preserve Serum’s reputation.
Should the above vote be passed, we propose that the Serum team coordinate with us in carrying out the port. We are experienced blockchain developers who would like to be considered to lead the port.
As Swordfish is meant to be for the benefit of the Serum community, we encourage members interested in contributing to reach out.